Anuj Goyal Vs Amit Chandrakant Shah (NCLAT Delhi)
National Company Law Appellate Tribunal (NCLAT), Delhi, has dismissed an appeal filed by Anuj Goyal, affirming the Adjudicating Authority’s decision to allow the Resolution Professional (RP) to conduct a second and even third challenge mechanism in the Corporate Insolvency Resolution Process (CIRP). The ruling, delivered on May 27, 2025, reinforces the Committee of Creditors’ (CoC) broad discretion in maximizing the value of the corporate debtor, even if it means allowing new bidders or additional rounds of bidding.
The appeal, filed by Anuj Goyal, challenged an order from April 11, 2025, where the Adjudicating Authority (National Company Law Tribunal – NCLT, Mumbai Bench) allowed an application filed by the RP seeking clarification to re-run the second challenge mechanism. Anuj Goyal was the highest (H-1) bidder in the initial challenge process and had objected to the RP’s application for further bidding rounds.
Anuj Goyal’s counsel argued that the CoC was not permitted to conduct a second challenge process, especially by allowing the participation of resolution applicants who did not participate in the first round. The appellant cited Clauses 3.3 and 3.7 of the Request for Resolution Plans (RFRP) to support his contention.
However, the counsel for the RP informed the NCLAT that the second challenge process had already been completed and a third challenge process was scheduled for May 19, 2025.
